The ground includes the central portion of the 15km-long Western Shaw greenstone belt and features "numerous gold and base metal targets".

It's also 50km south of Trek's existing Pincunah ground and close to Kairos Minerals' 873,500oz Mt York gold project and Pilbara Minerals' Pilgangoora-Altura lithium projects.

The vendors are Redstone Metals (50%), and Territory Prospecting (50%).

Trek also has an option over a potential two other pieces of ground in the region, one of which is held by Redstone and the other which the subject of a ballot - in which vendor Resource Gold is one of the competing parties.

Trek had about $2.35 million in cash early in November, with a rights issue raising additional funds called-off at that time due to "current market conditions".

As such, another crack at a fundraising in the near-term would appear likely.

Trek's executive director is John Young, who had a big success last decade with Pilbara Minerals.